Axiata takes control of Sri Lanka’s Headstart
PETALING JAYA: Axiata Group Bhd now owns a controlling interest in Sri Lanka’s e-learning solutions provider Headstart (Private) Ltd.
This comes after Headstart on Jan 18 became a 50.59% subsidiary company of Digital Holdings Lanka (Private) Ltd, which in turn is a wholly owned subsidiary of Dialog Axiata PLC, an 83.32% subsidiary of Axiata Group.
Dialog Group’s investment in Headstart started in 2014 totalling US$640,000 (RM2.52 million) via the subscription of bonds, which may be converted into equity over time.
The first conversion was done in 2015, resulting in Dialog having a 26% stake in Headstart before raising the stake to 50.59% following the conversion of the last tranche of bonds on Jan 1, 2018.
Headstart engages in the business of creating and providing digital education and e-learning solutions under the brand name “Guru.lk”.
Dialog Axiata, listed on the Colombo Stock Exchange, operates Sri Lanka’s leading quad-play connectivity provider. It is also Sri Lanka’s largest foreign direct investor with investments totalling over US$2.1 billion.
Separately, Axiata told Bursa Malaysia that its wholly owned subsidiary had on Jan 22 incorporated a subsidiary, Axiata Global Services Pte Ltd, in Singapore to carry out regional business-to-business transactions including shared service support for Axiata Group.